Chainlink (LINK) is currently priced at $12.20, reflecting a slight decline of 0.30% over the last 24 hours. The daily trading range is narrow, with a high of $12.43 and a low of $12.07, indicating limited volatility in the short term.

Volume has been relatively robust at approximately 282.8 million LINK, contributing to a volume-to-market cap ratio of 3.27%. This suggests a moderate level of trading activity, yet the overall market sentiment remains bearish, as reflected by the negative price changes over various time frames, with a notable 7-day decline of 10.87%.

Technical indicators reveal that the hourly moving averages are all trending downward, particularly the 144 SMA at $12.74, which shows a significant drop of 4.24%. The 1-hour Relative Strength Index (RSI) stands at 42, indicating potential bearish momentum, while the 7-day RSI is at 40, approaching oversold territory.

In terms of longer-term performance, Chainlink has experienced a 14-day price change of -7.11% and a 30-day change of -0.58%. This trend suggests that LINK is struggling to maintain upward momentum, especially when considering its all-time high of $52.70 reached in May 2021, which emphasizes the current price's distance from historical peaks.

Given the current technical indicators, weak price momentum, and bearish sentiment across short- and medium-term time frames, the recommendation is to hold LINK at this stage. The potential for further downside is significant, and waiting for clearer signals of trend reversal or stabilization could provide a more favorable entry point for long-term investors.